Nigerian stocks plunge by N127 billion in industrial sector-led retreat

Nigerian stocks slid 0.63 per cent on Monday, easily surrendering the little gain garnered at the previous trading session.

The industrial index taking the biggest blow of the five sector indexes, in turn, setting in motion the drop in the benchmark index.

Dangote Cement, Nigeria’s biggest company by market value led the pullback at individual equity level alongside Flour Mills as investors desired more to dispose of stocks than own them.

Market breathe narrowly positive, with 19 gainers recorded compared to 18 losers.

The all-share index closed 243.49 points lower at 38,567.26. Market capitalisation declined to N20.1 trillion.

Year to date, the index is down by 4.23 per cent.

Conoil led gainers, growing by 9.83 per cent to close at N22.35. NNFM gained 9.76 per cent, jumping to N6.75. SAHCO leapt to N3.45, notching up 9.18 per cent in the process. Academy Press rose by 7.89 per cent to N0.41. Sunu Assurance completed the top 5, climbing up by 4.44 per cent to N0.47.

UPL topped the losers’ table, declining by 9.79 per cent to close at N1.29. Linkage Assurance shrank by 7.81 per cent to end the day at N0.59. NPF Microfinance Bank fell to N1.80, losing 4.26 per cent. Veritas Kapital dipped to N0.23, recording 4.17 per cent depreciation. Courteville closed at N0.24, going down by 4 per cent.

In all, 194.9 million shares worth N1 billion were traded in 3,830 deals.

Wema was the most preferred stock with 25.8 million units of its shares worth N22.3 million traded in 51 deals. Ellah Lakes shares of 25 million units priced at N106.4 million exchanged hands in eight transactions.

Fidelity had 16.1 million shares valued at N38.6 million traded in 82 deals. Consolidated Hallmark traded 12.5 million shares estimated at N6.8 million in 34 transactions. FCMB traded 9.5 million shares valued at N29.3 million in 48 deals.